Description

The Philippine peso (PHP), or ‘piso’ in Filipino, is the official currency of the Philippines. It's subdivided into 100 centavos, or ‘sentimos’ in Filipino. The symbol of the Philippine peso is ₱.

Economy

• The Philippines has the third largest economy in Southeast Asia.
• In 2020, the Philippines ranked as the 33rd largest national economy by nominal GDP, with the country’s GDP being estimated at over USD360 billion.
• The Philippines’ economy has transitioned from being agricultural-based to relying on services and industry sectors. The agriculture sector now only accounts for over 7 percent of GDP.
• Major exports include semiconductors and other electrical components, transport equipment, clothing, copper and petroleum products and fruits.

History

• In 1898, the country issued its currency backed by the Philippines’ natural resources.
• In 1902, the US captured the Philippines and established a new currency pegged to gold, about half the price of a US dollar then.
• In 1993, the Philippine peso became a floating currency.